Jane Fraser to Take Over Citigroup

Breaking the “glass ceiling”, Jane Fraser to be first CEO of a major financial institution in the U.S. 

Leadership

Written by: Kelly Fisher

13.10.2020

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Photo: Kyle Grillot/Bloomberg

An exciting and historic milestone has been reached in the world of Wall Street.  Jane Fraser of Citigroup, will become the first woman to lead a major Finanancial institution in the United States.  In February Fraser will formally take over as CEO of Citigroup, which is the United States’ third-largest bank.  Citigroup issues the most credit cards in the world, and currently has $1.96 trillion in assets.  Fraser is well prepared for this position as she currently oversees Citigroup’s biggest division which is its consumer bank.  

This is an important milestone as well for closing the Economic Gender Gap.  While women have risen to higher ranked positions in companies and the government in the U.S., Wall Street has been one of the hardest places to change.  Additionally, women remain largely underrepresented in top positions both in, and out of the financial world.  Of the 500 companies that make up the S&P 500 stock index, women make up only 31 CEO’s of these companies.   

Fraser’s appointment, rightfully so, drew praise and excitement from women and men in the financial world.  It has also drawn speculation about the fact that now Fraser has broken this glass ceiling in the financial world, which women might be next to take over some of America’s other largest financial institutions.  Among those are at JPMorgan, where two women currently serve in the highest positions below the CEO, Jamie Dimon.   

Fraser steps into the bank at a time when both the U.S. economy and the global economy is facing much uncertainty and turbulence.  However, those around her have spoken of her high qualifications for the job.  Fraser herself in previous interviews has spoken about her nervousness and own self-doubt.  However, she speaks about the importance of surrounding yourself with a great team as a way to navigate difficult situations.  SHE Community joins those around the world who have celebrated this milestone for boosting women’s place in the workplace, and we look forward to February when Fraser will start.  Read more about this story here.